23rd Jan 2015 09:11
LONDON (Alliance News) - Wolf Minerals Ltd Friday said the Drakelands open pit mine being constructed at its Hemerdon tungsten and tin project in Devon, southwest England, was 67% complete at the end of last year, with dry commissioning scheduled to begin in March and production expected in the third quarter.
According to the specialty metals company, GBP27.5 million had been drawn down from its GBP75 million senior debt finance facilities to fund the construction of the project. Of that, GBP17.5 million was drawn down in the three months ended December 31, 2014.
"The project remains fully funded and construction activity remains on track, with dry commissioning scheduled to commence in March 2015," Russell Clark, managing director, said in a statement.
"Contracts for power and laboratory services have been finalised and the establishment of our employee team is progressing well, with key technical personnel now in place. In addition we have completed the geotechnical drilling programme with the results highlighting great potential to increase both our ore reserves and mine life," Clark said.
Wolf Minerals shares were up 1.8% at 13.10 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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